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ETF Comparison

BTCI vs CONY: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Bitcoin High Income ETF and YieldMax COIN Option Income Strategy ETF covering yield, cost, risk, and income potential.

Data updated August 13, 2026

Best for

  • BTCIInvestors who want crypto exposure that pays you along the way, not just price gains.
  • CONYInvestors who want to maximize current income — roughly 65.23%, generated by selling options premium.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBTCICONY
Full nameNEOS Bitcoin High Income ETFYieldMax COIN Option Income Strategy ETF
IssuerNEOSYieldMax
Last Close$28.18 as of August 13, 2026$18.20 as of August 13, 2026
Distribution yield27.51%65.23%
Distribution Safety Score™ 4627
Expense ratio0.98%1.01%
AUM$1.10B$329M
Distribution frequencyMonthlyWeekly
Underlying indexBitcoin ETPsCoinbase (COIN)
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.YieldMax COIN Option Income Strategy ETF seeks current income while providing indirect exposure to the share price returns of Coinbase Global, Inc. common stock, subject to a limit on potential investment gains. The fund does not invest directly in Coinbase Global, Inc.; it uses a synthetic covered call strategy built from standardized exchange-traded options.
Asset classEquityEquity
Inception date10/16/202408/14/2023
Beta1.67642.8303
Last dividend$0.6460$0.2283
Ex-dividend date07/22/202608/13/2026

Bottom lineChoose BTCI if you want crypto exposure that pays you along the way, not just price gains. Choose CONY if you want to maximize current income — roughly 65.23%, generated by selling options premium. There's no free lunch: CONY's payout comes from selling options, which caps upside and can erode the share price over time, while BTCI keeps full price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. BTCI and CONY generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
  • Crypto volatility. BTCI sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS
ETFs19
Total AUM$31.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs
YieldMax
ETFs59
Total AUM$9.16B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on CONY.

See all YieldMax ETFs

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BTCI has outpaced CONY over the trailing twelve months, posting a -42.62% total return against -47.83%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -2.85% a year versus -27.80% for CONY. BTCI has been the steadier holding, though — annualized volatility of 40.0% against 57.1% for CONY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTCI-26.66%-42.62%-2.85%40.0%-1.50-1.93-48.4%
CONY-31.38%-47.83%-27.80%57.1%-1.22-1.65-59.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2024” measures every fund from October 17, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.

CONY offers the higher yield at 65.23% vs 27.51% for BTCI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BTCI is cheaper with an expense ratio of 0.98% compared to 1.01%.

They track different benchmarks: BTCI is linked to Bitcoin ETPs while CONY tracks Coinbase (COIN), which means their performance drivers differ.

BTCI is the larger fund by assets ($1.10B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want crypto exposure that pays income rather than waiting on price alone.
  • Want to keep costs low — a 0.98% expense ratio vs 1.01% for CONY.
  • Prefer lower volatility — a beta of 1.7 vs 2.8 for CONY.

Choose CONY

YieldMax COIN Option Income Strategy ETF

  • Want to maximize current income — CONY distributes roughly 65.23% from selling options premium, vs 27.51% for BTCI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $229.25/month, while CONY would produce $543.58/month, at current distribution rates.

BTCI yield27.51%
CONY yield65.23%
Monthly diff on $10K$314.33

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $1,010 for CONY (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

BTCI ER0.98%
CONY ER1.01%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while CONY tracks Coinbase (COIN) with a covered call approach. Beta is 1.6764 for BTCI and 2.8303 for CONY, indicating BTCI is less volatile relative to the market.

BTCI beta1.6764
CONY beta2.8303

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.10B in assets. CONY is managed by YieldMax (launched 08/14/2023) with $329M in assets.

BTCI AUM$1.10B
CONY AUM$329M
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Frequently asked questions

What is the current distribution yield for BTCI and CONY?

BTCI currently distributes 27.51% and CONY 65.23%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BTCI or CONY better for dividend income?

It depends on your goals. CONY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BTCI and CONY?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while CONY (YieldMax COIN Option Income Strategy ETF) tracks Coinbase (COIN) with a covered call approach. They are issued by NEOS and YieldMax respectively.

Can I hold both BTCI and CONY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BTCI or CONY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — BTCI scores 46, CONY scores 27, so BTCI's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.68 vs 2.83 for CONY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BTCI or CONY?

BTCI has an expense ratio of 0.98% while CONY charges 1.01%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BTCI vs CONY generate?

At current rates, $10,000 in BTCI would generate roughly $229.25 per month ($2,751.00 annually). The same in CONY would produce about $543.58 per month ($6,523.00 annually).

Which has performed better historically, BTCI or CONY?

BTCI has outpaced CONY over the trailing twelve months, posting a -42.62% total return against -47.83%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -2.85% a year versus -27.80% for CONY. BTCI has been the steadier holding, though — annualized volatility of 40.0% against 57.1% for CONY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs CONY — at a glance

Generated August 8, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BTCI and CONY are both cryptocurrency-focused option-income ETFs that generate high yields through covered-call strategies, but they track fundamentally different underlying assets and employ different structural approaches. BTCI holds bitcoin ETPs and sells calls against them for a 26.90% distribution rate; CONY uses a synthetic covered-call strategy on Coinbase Global stock (the crypto exchange itself, not bitcoin) and delivers a 72.20% distribution rate. The key distinction is asset: bitcoin commodity exposure versus equity exposure to a single crypto-trading company.

How they differ

CONY's distribution rate (72.20%) nearly triples BTCI's (26.90%), but CONY achieves this through a synthetic strategy that never owns Coinbase shares directly—it relies entirely on standardized exchange-traded options. This structure introduces counterparty and liquidity risk distinct from BTCI's approach of holding actual bitcoin ETPs. CONY's beta of 2.83 reflects that synthetic leverage and is materially higher than BTCI's 1.68, signaling greater sensitivity to market moves. CONY is also substantially smaller ($338M AUM vs. $1.11B) and newer (May 2023 vs. October 2024, though BTCI's inception is very recent as well), and both carry expense ratios near 1.0%—BTCI at 0.98%, CONY at 1.01%.

Who each is best for

BTCI: Fits investors who want direct exposure to bitcoin's price movement while receiving a meaningful income premium, and who accept the operational complexity and volatility of holding bitcoin ETPs combined with a call-writing overlay.

CONY: Designed for investors focused on income generation from cryptocurrency market activity (rather than bitcoin price exposure itself) and willing to accept a capped upside and higher portfolio volatility in exchange for a yield substantially above BTCI's.

Key risks to know

  • NAV erosion at extreme yields. CONY's 72.20% distribution rate far exceeds plausible underlying income generation from options alone, suggesting significant return-of-capital treatment. At that payout level, NAV is likely to erode over time unless the fund's option strategies consistently realize outsized premiums; investors should monitor whether distributions reflect earned income or capital depletion.
  • Synthetic derivative structure and options liquidity. CONY's strategy is entirely built on standardized exchange-traded options rather than direct stock ownership. If option liquidity dries up during market stress or volatility spikes, the fund may struggle to roll or exit positions, potentially forcing forced liquidations or wider tracking error.
  • Single-asset concentration. CONY tracks only Coinbase. Unlike BTCI's diversified bitcoin-ETP holdings, CONY has no hedge against company-specific risk—regulatory action against the exchange, competitive pressure, or execution missteps at Coinbase would directly impair the fund's value.
  • Bitcoin volatility amplified by leverage. BTCI's beta of 1.68 and CONY's 2.83 both indicate leveraged sensitivity to crypto moves. Bitcoin's historical intraday swings of 5–15% can translate to amplified NAV declines, particularly for CONY given its synthetic call structure.
  • Call cap limiting upside. Both funds cap capital gains by selling calls; in a sustained bull market for bitcoin or Coinbase, shareholders forfeit returns above the strike price. This trade-off is explicit but can frustrate investors if the underlying asset rallies sharply.

Bottom line

If you want exposure to bitcoin itself and can tolerate a moderate income yield, BTCI offers a more straightforward structure with lower distribution-rate risk; if you prioritize maximum current income from a crypto-related asset and accept capped upside plus higher beta, CONY's synthetic approach and 72% yield may appeal, though the sustainability of distributions and single-company exposure warrant close scrutiny. Neither fund is appropriate for capital preservation—both are volatile, income-focused vehicles suited to investors with high risk tolerance and clear expectations about return-of-capital. Past performance, especially over BTCI's mere months in existence, does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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